Personal finance

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Personal finance

The importance of planning personal finance, you can plan how much money you need to spend in order to increase your financial situation. It’s also good to plan you personal finance if you are a young person living away from home.

It is important to plan your personal finance, in order to do this it is wis to plan and sort out your income usually your sources of in income include.

  • Wages/Salary
  • The sale of personal items
  • Gifts from family and friends
  • Inheritances
  • Savings


If you have a full time job or a part time job you will be receiving income usually weekly or monthly. You will be paid straight in to a bank account, but remember that you will receive this kind of income after deduction.

The sale of personal items

Selling of personal items for example if you don’t have a job you may consider selling your CD player that you didn’t use anymore to pay something you may need.

Gifts from family and friends

Sometimes you relatives or friends may offer you gifts in term of money. And this would most probably come as a surprise. Also if you are in debt you friends and relatives may help you to overcome your problems.

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If one of your family members dies and they may leave you all there money to you, this money is called inheritance.


Savings is if you have money in the bank and invest a small amount of money every week or month. The bank ill than but interest over the money that you have invested. This money can be used when you have a shortage of money at a certain time.

The importance of planning

A way of monitoring your personal finances is to ...

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